The United Nations FAO Food Index declined to the fifth month due to the seasonal supply effect and decreasing demand for some products.
The United Nations, Food and Agriculture Organization Index, has been released.
Global food prices continued to decline for the fifth month due to the seasonal increase in supply and the decrease in demand for some products.
While the amount of grain transported from Ukrainian ports increased, wheat harvests in the northern hemisphere helped to ease the supply shortages.
The United Nations FAO Index released on Friday showed that food costs worldwide decreased by 1.9 percent in August compared to the previous month. The index continues to hover at its lowest level since January.
Falling food prices may relieve consumers grappling with the deepening cost of living crisis, but the drop was less than in July, the most significant drop since 2008, and prices are higher than a year ago.
Food prices show no signs of easing in many countries as high energy prices increase the costs of processing processes. However, it is estimated that harvests may decline in the long run as farmers reduce their use of fertilizers.
Concerns over the corn harvest caused by the drought caused some of the fall in grain prices to be erased.
On the other hand, it is stated that the volume is still below standard levels as an increasing amount of grain is shipped from Ukraine, lost agricultural land, and low local prices may affect the next harvest.
While the United Nations FAO Index is based on export figures for raw foods, it does not consider high retail prices. Therefore, it is expected that it will take time for the anticipated effects to be felt by consumers.